THURSDAY May 1, 2025 |
By thenewsdesk.ng
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has launched a sweeping investigation after discovering that only ₦28.8 billion of the ₦100 billion released by the Federal Government for student loans was actually disbursed to students.
In a press briefing on Thursday, May 1, ICPC spokesperson Demola Bakare revealed that preliminary findings suggest a staggering ₦71.2 billion may have been diverted by the management of various universities that received the funds.
According to Bakare, the Commission’s Special Task Force began its probe as soon as it received complaints. Letters were sent to key officials, including the Director-General of the Budget Office, the Accountant-General of the Federation, and top figures at the Central Bank of Nigeria.
The Chief Executive Officer and Executive Director of the Nigerian Education Loan Fund (NELFUND) were also summoned for documentation and explanations.
“The Commission confirmed that its Chairman’s Special Task Force immediately swung into action upon receiving the report,” Bakare said.
“Letters of investigation and invitations were dispatched to key stakeholders, including the Director-General of the Budget Office, the Accountant General of the Federation, and senior officials from the Central Bank of Nigeria.
“Additionally, the Chief Executive Officer and Executive Director of NELFUND were invited to provide documentation and explanations relevant to the case.”
He added, “Preliminary findings revealed a significant gap in the financial records of the disbursement process. While the Federal Government reportedly released ₦100 billion for the scheme, only ₦28.8 billion was disbursed to students, leaving an unaccounted sum of ₦71.2 billion.”
This probe comes on the heels of a warning issued two weeks ago by Lanre Issa-Onilu, Director-General of the National Orientation Agency, NOA, who accused some tertiary institutions of sabotaging the Tinubu administration’s student loan initiative.
He alleged that 51 schools were involved in unauthorised deductions and urged anti-graft bodies to step in.
Reports from the media also claimed that schools had deducted between ₦3,500 and ₦30,000 from student fees paid through the loan platform, without proper authorisation.
Providing more details, Bakare noted that NELFUND had received a total of ₦203.8 billion as of March 19, 2024.
The fund included ₦10 billion from the Federation Allocation Account Committee, ₦50 billion from the Economic and Financial Crimes Commission, and two separate transfers of ₦71.9 billion each from the Tertiary Education Trust Fund.
He explained that the ICPC had interviewed key figures and analysed responses from stakeholders. So far, ₦44.2 billion had been disbursed to 299 institutions, reaching over 293,000 students.
“To date, the total amount disbursed to 299 beneficiary institutions stands at approximately ₦44.2 billion, with 293,178 students having benefited from the fund,” Bakare said.
He confirmed that the Commission had identified clear discrepancies in the management of the loan scheme and would now extend its investigation to the beneficiary institutions and even individual student recipients.
“Comprehensive investigations into the alleged discrepancies surrounding the disbursement of students’ loans under the Nigeria Education Loan Fund (NELFUND) has commenced,” he added.
Bakare assured that more updates would be shared as the investigation progresses.
